7 Jun 2013
EUR/USD bouncing off 1.3200
FXstreet.com (Barcelona) - The EUR/USD is keeping the negative footing on Friday, dragged lower after the US Payrolls surpassed estimates during May.
In the wake of the jobs release, Strategist Marc Chandler at BBH commented, “The US employment report was closer enough to consensus as not to shed fresh light on the Fed tapering debate. The unwinding of positions that characterized yesterday's high volatile session is continuing after the jobs data. Whatever one's view was on the timing of the Fed tapering is unlikely to change based on the jobs report”. After climbing above 1.3280, the shared currency lost momentum, rapidly retreating to test sub 1.3200 levels.
The pair is now down 0.18% at 1.3222 and a breakdown of 1.3104 (MA100d) would target 1.3075 (low Jun.6) and finally 1.3053 (low Jun.5). On the upside, resistance levels align at 1.3306 (high Jun.6) followed by 1.3319 (high Feb.25) and then 1.3341 (61.8% of Feb-Apr slide).
In the wake of the jobs release, Strategist Marc Chandler at BBH commented, “The US employment report was closer enough to consensus as not to shed fresh light on the Fed tapering debate. The unwinding of positions that characterized yesterday's high volatile session is continuing after the jobs data. Whatever one's view was on the timing of the Fed tapering is unlikely to change based on the jobs report”. After climbing above 1.3280, the shared currency lost momentum, rapidly retreating to test sub 1.3200 levels.
The pair is now down 0.18% at 1.3222 and a breakdown of 1.3104 (MA100d) would target 1.3075 (low Jun.6) and finally 1.3053 (low Jun.5). On the upside, resistance levels align at 1.3306 (high Jun.6) followed by 1.3319 (high Feb.25) and then 1.3341 (61.8% of Feb-Apr slide).